Patriot Transportation Holding Inc. said it is creating New Patriot, a separate publicly traded carrier, as part of a plan to split the business into transport and real estate units.

Patriot, based in Jacksonvil le, Florida, made the filing as a follow-up to the May announcement that its board had decided to create two separate businesses by distributing shares in New Patriot to its current holders. The spinoff is expected to be done by early 2015.

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